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Behind The Memo: The Impact of Debt with Howard Marks and Morgan Housel
The Memo by Howard Marks
Understanding Cycles Requires Acknowledging Causality
Cycles are not merely a series of events occurring in succession; they are interconnected through cause and effect relationships. Each event in a cycle triggers the next, creating a chain of causation that drives the cycle forward. Ignoring this causality can lead to significant misunderstandings. A historical example is the boom in subprime mortgages, which directly contributed to the global financial crisis, illustrating how one event can set off a series of repercussions that shape economic cycles.
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